Eaton Vance
Small-Cap Fund
September 30, 2023
Portfolio of Investments (Unaudited)
Common Stocks — 99.5% |
Security | Shares | Value | |
Aerospace & Defense — 2.7% | |||
Hexcel Corp. | 13,086 | $ 852,422 | |
Woodward, Inc. | 22,048 | 2,739,684 | |
$ 3,592,106 | |||
Automobile Components — 3.6% | |||
Atmus Filtration Technologies, Inc.(1) | 23,764 | $ 495,479 | |
Dorman Products, Inc.(1) | 45,402 | 3,439,656 | |
Visteon Corp.(1) | 5,762 | 795,559 | |
$ 4,730,694 | |||
Automobiles — 0.9% | |||
Harley-Davidson, Inc. | 37,532 | $ 1,240,808 | |
$ 1,240,808 | |||
Banks — 5.5% | |||
Commerce Bancshares, Inc. | 47,767 | $ 2,291,861 | |
Community Bank System, Inc. | 51,575 | 2,176,981 | |
SouthState Corp. | 29,885 | 2,013,053 | |
Stock Yards Bancorp, Inc. | 19,137 | 751,893 | |
$ 7,233,788 | |||
Building Products — 6.0% | |||
AAON, Inc. | 32,954 | $ 1,874,094 | |
AZEK Co., Inc. (The)(1) | 83,178 | 2,473,714 | |
CSW Industrials, Inc. | 12,575 | 2,203,643 | |
Hayward Holdings, Inc.(1) | 63,450 | 894,645 | |
Janus International Group, Inc.(1) | 47,616 | 509,491 | |
$ 7,955,587 | |||
Capital Markets — 2.9% | |||
Cohen & Steers, Inc. | 32,342 | $ 2,027,520 | |
Stifel Financial Corp. | 28,750 | 1,766,400 | |
$ 3,793,920 | |||
Chemicals — 1.8% | |||
Quaker Chemical Corp. | 14,745 | $ 2,359,200 | |
$ 2,359,200 | |||
Consumer Staples Distribution & Retail — 4.4% | |||
Casey's General Stores, Inc. | 9,635 | $ 2,616,095 |
Security | Shares | Value | |
Consumer Staples Distribution & Retail (continued) | |||
Chefs' Warehouse, Inc. (The)(1) | 39,785 | $ 842,646 | |
Performance Food Group Co.(1) | 40,066 | 2,358,285 | |
$ 5,817,026 | |||
Containers & Packaging — 2.6% | |||
AptarGroup, Inc. | 27,399 | $ 3,425,971 | |
$ 3,425,971 | |||
Diversified Consumer Services — 0.7% | |||
Bright Horizons Family Solutions, Inc.(1) | 10,889 | $ 887,018 | |
$ 887,018 | |||
Diversified REITs — 2.6% | |||
Essential Properties Realty Trust, Inc. | 156,114 | $ 3,376,746 | |
$ 3,376,746 | |||
Electric Utilities — 1.2% | |||
IDACORP, Inc. | 17,384 | $ 1,628,012 | |
$ 1,628,012 | |||
Financial Services — 1.4% | |||
Euronet Worldwide, Inc.(1) | 23,480 | $ 1,863,842 | |
$ 1,863,842 | |||
Food Products — 2.5% | |||
J&J Snack Foods Corp. | 10,865 | $ 1,778,057 | |
Lancaster Colony Corp. | 3,714 | 612,921 | |
Simply Good Foods Co. (The)(1) | 26,344 | 909,395 | |
$ 3,300,373 | |||
Gas Utilities — 2.6% | |||
ONE Gas, Inc. | 50,485 | $ 3,447,116 | |
$ 3,447,116 | |||
Ground Transportation — 0.9% | |||
Landstar System, Inc. | 6,821 | $ 1,206,908 | |
$ 1,206,908 | |||
Health Care Equipment & Supplies — 6.1% | |||
Envista Holdings Corp.(1) | 85,179 | $ 2,374,791 | |
ICU Medical, Inc.(1) | 7,120 | 847,351 | |
Integer Holdings Corp.(1) | 16,924 | 1,327,349 | |
Integra LifeSciences Holdings Corp.(1) | 30,192 | 1,153,033 | |
Neogen Corp.(1) | 125,243 | 2,322,005 | |
$ 8,024,529 |
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Eaton Vance
Small-Cap Fund
September 30, 2023
Portfolio of Investments (Unaudited) — continued
Security | Shares | Value | |
Health Care Providers & Services — 9.7% | |||
Addus HomeCare Corp.(1) | 9,938 | $ 846,618 | |
Agiliti, Inc.(1) | 95,028 | 616,732 | |
Chemed Corp. | 7,928 | 4,120,182 | |
Option Care Health, Inc.(1) | 34,605 | 1,119,472 | |
Premier, Inc., Class A | 41,921 | 901,301 | |
R1 RCM, Inc.(1) | 161,132 | 2,428,259 | |
U.S. Physical Therapy, Inc. | 30,372 | 2,786,024 | |
$ 12,818,588 | |||
Hotels, Restaurants & Leisure — 3.9% | |||
Papa John's International, Inc. | 11,843 | $ 807,930 | |
Texas Roadhouse, Inc. | 8,242 | 792,056 | |
Wyndham Hotels & Resorts, Inc. | 51,328 | 3,569,349 | |
$ 5,169,335 | |||
Industrial REITs — 4.4% | |||
EastGroup Properties, Inc. | 17,253 | $ 2,873,142 | |
Rexford Industrial Realty, Inc. | 21,824 | 1,077,014 | |
Terreno Realty Corp. | 32,633 | 1,853,555 | |
$ 5,803,711 | |||
Insurance — 9.4% | |||
AMERISAFE, Inc. | 22,089 | $ 1,105,996 | |
RLI Corp. | 18,609 | 2,528,777 | |
Ryan Specialty Holdings, Inc.(1) | 48,424 | 2,343,722 | |
Selective Insurance Group, Inc. | 30,088 | 3,104,179 | |
White Mountains Insurance Group, Ltd. | 2,231 | 3,336,884 | |
$ 12,419,558 | |||
Leisure Products — 0.8% | |||
Brunswick Corp. | 12,687 | $ 1,002,273 | |
$ 1,002,273 | |||
Machinery — 3.1% | |||
Albany International Corp., Class A | 17,814 | $ 1,536,992 | |
Middleby Corp.(1) | 20,049 | 2,566,272 | |
$ 4,103,264 | |||
Professional Services — 4.1% | |||
CBIZ, Inc.(1) | 78,149 | $ 4,055,933 | |
NV5 Global, Inc.(1) | 13,481 | 1,297,277 | |
$ 5,353,210 |
Security | Shares | Value | |
Retail REITs — 1.3% | |||
NETSTREIT Corp. | 108,869 | $ 1,696,179 | |
$ 1,696,179 | |||
Software — 7.3% | |||
Altair Engineering, Inc., Class A(1) | 20,464 | $ 1,280,228 | |
Clearwater Analytics Holdings, Inc., Class A(1) | 86,534 | 1,673,568 | |
Envestnet, Inc.(1) | 51,043 | 2,247,423 | |
PowerSchool Holdings, Inc., Class A(1) | 34,485 | 781,430 | |
Progress Software Corp. | 35,235 | 1,852,656 | |
SPS Commerce, Inc.(1) | 10,833 | 1,848,218 | |
$ 9,683,523 | |||
Specialized REITs — 1.4% | |||
CubeSmart | 49,121 | $ 1,872,984 | |
$ 1,872,984 | |||
Specialty Retail — 2.8% | |||
RH(1) | 1,514 | $ 400,241 | |
Valvoline, Inc. | 102,860 | 3,316,206 | |
$ 3,716,447 | |||
Trading Companies & Distributors — 2.9% | |||
Core & Main, Inc., Class A(1) | 112,462 | $ 3,244,529 | |
Herc Holdings, Inc. | 5,062 | 602,074 | |
$ 3,846,603 | |||
Total Common Stocks (identified cost $119,913,765) | $131,369,319 |
Short-Term Investments — 0.6% |
Security | Shares | Value | |
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 5.27%(2) | 802,047 | $ 802,047 | |
Total Short-Term Investments (identified cost $802,047) | $ 802,047 | ||
Total Investments — 100.1% (identified cost $120,715,812) | $132,171,366 | ||
Other Assets, Less Liabilities — (0.1)% | $ (70,989) | ||
Net Assets — 100.0% | $132,100,377 |
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Eaton Vance
Small-Cap Fund
September 30, 2023
Portfolio of Investments (Unaudited) — continued
The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | |
(1) | Non-income producing security. |
(2) | May be deemed to be an affiliated investment company. The rate shown is the annualized seven-day yield as of September 30, 2023. |
Abbreviations: | |
REITs | – Real Estate Investment Trusts |
The Fund did not have any open derivative instruments at September 30, 2023.
Affiliated Investments
At September 30, 2023, the value of the Fund's investment in funds that may be deemed to be affiliated was $802,047, which represents 0.6% of the Fund's net assets. Transactions in such investments by the Fund for the fiscal year to date ended September 30, 2023 were as follows:
Name | Value, beginning of period | Purchases | Sales proceeds | Net realized gain (loss) | Change in unrealized appreciation (depreciation) | Value, end of period | Dividend income | Shares, end of period |
Short-Term Investments | ||||||||
Liquidity Fund, Institutional Class(1) | $2,628,256 | $31,321,856 | $(33,148,065) | $ — | $ — | $802,047 | $94,927 | 802,047 |
(1) | Represents investment in Morgan Stanley Institutional Liquidity Funds - Government Portfolio. |
Fair Value Measurements
Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.
• | Level 1 – quoted prices in active markets for identical investments |
• | Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) |
• | Level 3 – significant unobservable inputs (including a fund's own assumptions in determining the fair value of investments) |
In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
At September 30, 2023, the hierarchy of inputs used in valuing the Fund's investments, which are carried at value, were as follows:
Asset Description | Level 1 | Level 2 | Level 3 | Total |
Common Stocks | $131,369,319* | $ — | $ — | $131,369,319 |
Short-Term Investments | 802,047 | — | — | 802,047 |
Total Investments | $132,171,366 | $ — | $ — | $132,171,366 |
* | The level classification by major category of investments is the same as the category presentation in the Portfolio of Investments. |
For information on the Fund's policy regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent financial statements included in its semiannual or annual report to shareholders.
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